In the previous article, we introduced you to CFN RatingTM to explain why you want a CFN Rating for your company and how we calculate our CFN Rating. In this article, you will learn who we benchmark companies against and why; what are some of the best practices consistently followed by the best-in-class CX companies; and why this really matters to you and your efforts to build and sustain a best-in-class CX program.
What is CFN RatingTM benchmarking?
We measure your company’s CFN RatingTM against CFN Best of the Best and CFN’s database by industry and size Let’s review these comparisons in more detail.
CFN Best of the Best
We at CFN identify organizations who score the highest across our four disciplines; Colleague Engagement, Operational Excellence, Customer Engagement and Behavioral Excellence. These companies lead with strong leadership practices, customer focused approach to solving business issues, contagious culture and colleague recognition programs to provide a Best-in-Class Customer Experience.
We found that the customer-centric, operationally strongest organizations outperform their peers financially. Organizations that excelled on a wide range of operational disciplines achieved top ranking in at least x of the 20 best practices we measure.
These companies empower their colleagues (employees) with best available training and hence improve the level of engagement. Their employees are highly motivated to achieve customer-focused objectives.
We strive to identify which Best Practices are making the most difference by these leaders and set those Best Practices as a benchmark for other companies to follow and improve their Customer Experience program.
Some of the companies include Marriott, Google, State Farm, John Deere, Wells Fargo, Emirates and Lexus..
CFN Database by industry and size
We regularly conduct best practice assessments for companies who wish to excel in Customer Experience space and may have already started their journey possibly in a fragmented way. These companies want to explore their current CX state and want to understand which disciplines they are good at and which they have to improve upon.
CFN database consists of such hundreds of companies, categorized as either B2B, B2C or B2B2C in both U.S. and Europe across industries. We cover wide spectrum of industries e.g. Banking, Insurance, Retail, Hospital & Healthcare, Manufacturing, Information and Business services. We also categorize CFN database companies based on number of employees, e.g. Less than 1000 employees, 1000-10,000, 10,000-50,000 and 50,000+ employees to provide a right comparison point. Two thirds of our companies have a global presence.
What are some of the best practices where CFN’s Best of the Best are outperforming other companies?
CFN Best of the Best companies are excelling in many of our best practices. Below are some of the best practices where these companies have outpaced almost all other companies by large margins.
The old management adage, “You can’t manage what you don’t measure”, is especially true with Customer Experience. Unless you measure something you don’t know if it is getting better or worse. You can’t manage for improvement if you don’t measure to see what is getting better and what isn’t. CFN can help you with both sides of the equation. To answer your question, “Where do I stand?”, we provide you with your company’s CFN RatingTM. To answer the question “Where do I stand with respect to my competitors?”, we benchmark you against multiple companies across categories, (e.g., industry, size, revenue, etc.)
Benchmarking helps establish baselines, define best practices, identify improvement opportunities, opening minds to new ideas and creates a healthy and positive competition within the organization. Benchmarking helps companies in gaining an objective perspective about how well they perform compared to other companies, evaluate and prioritize improvement opportunities, monitor company performance, and manage change. We at CFN, help you in determining Quick Wins as well as plan and document an overall CX strategy.
To know where your company stands in terms of Customer Experience, take our complimentary Best Practice Assessment and you will receive an assessment on your company’s CFN RatingTM and a comparison against what matters most to you.
CustomersFirst Now (CFN) has been refining our CX solutions for more than 40 years – working with many Fortune 100 companies. We provide the only proven, predictive process that links Customer Delight to financial results by incorporating and measuring CX Best Practices. For more information contact Amit Garg, Data Science Leader, at firstname.lastname@example.org